Hyflux clarifies that recent Utico meeting ended with no binding agreement

Singapore

DEBT-RIDDEN Hyflux on Tuesday said that a recent meeting with its suitor from the United Arab Emirates, Utico, did not result in any binding agreement, and that Utico's purported rescue deal was merely "exploratory in nature".

This comes after Utico chief executive, Richard Menezes, said in a statement on Sunday that the utilities group had at the meeting with Hyflux offered "part cash redemption and also a hope for full redemption with a plan, and exit option".